Wheaton Precious Metals Generates Strong Operating Cash Flow on Record Gold Production and Sales Volumes in 2019

Author: Wheaton Precious Metals Corp. / 2023-07-23 21:32 / Source: Wheaton Precious Metals Corp.

Wheaton Precious Metals Generates Strong Operating Cash Flow on Record Gold Production and Sales Volumes in 2019

TSX: WPM

NYSE: WPM

VANCOUVER,British Columbia,March 12,2020 -- "Wheaton's portfolio of high-quality,long-life assets generated over $500 million in operating cash flow in 2019 with annual gold production and sales volumes achieving a new record," said Randy Smallwood,President and Chief Executive Officer of Wheaton Precious Metals. "For the first time in company history,Wheaton produced over 400,000 ounces of gold,and that is in addition to over 22.5 million ounces of silver and 22 thousand ounces of palladium. With our strong organic growth profile combined with numerous opportunities that could further grow our asset base,we look forward to setting many new records in the coming years. In addition,we are pleased to deliver greater value back to our shareholders in 2020 by increasing the minimum quarterly dividend by over 10% relative to last year."

Fourth Quarter and Year End 2019 Highlights:

Attributable gold production was over 100,000 ounces in the fourth quarter resulting in record annual gold production in 2019 of over 406,000 ounces.

Total production of 707,200 gold equivalent ounces2in 2019 exceeded production guidance for the eighth consecutive year.

Record gold sales volumes in 2019 of approximately 390,000 ounces.

Over $131 million in operating cash flow in the fourth quarter resulting in over $500 million in operating cash flow in 2019.

Net debt1 reduced by $418 million in 2019 with Wheaton ending the year with net debt of $771 million.

Declared quarterly dividend1 of $0.10 per common share,an 11% increase.

Operational Overview

Q4 2019

Q4 2018

Change

2019

2018

Change

Ounces produced

Gold

107,225

107,160

0.1 %

406,675

383,974

5.9 %

Silver

5,962

5,499

8.4 %

22,562

24,474

(7.8)%

Palladium

6,057

5,869

3.2 %

21,993

14,686

49.8 %

Gold equivalent 2

186,892

180,936

3.3 %

707,195

700,446

1.0 %

Ounces sold

Gold

89,223

102,813

(13.2)%

389,086

349,168

11.4 %

Silver

4,684

4,400

6.5 %

17,703

21,733

(18.5)%

Palladium

5,312

5,049

5.2 %

20,681

8,717

137.2 %

Gold equivalent 2

152,389

162,205

(6.1)%

628,447

625,701

0.4 %

Revenue

223,222

196,591

13.5 %

861,332

794,012

8.5 %

Net earnings

77,524

6,828

1,035 %

86,138

427,115

(79.8)%

Per share

0.17

0.02

750.0 %

0.19

0.96

(80.2)%

Adjusted net earnings 1

77,953

36,745

112.1 %

251,993

213,782

17.9 %

Per share 1

0.17

0.08

110.5 %

0.56

0.48

17.2 %

Operating cash flows

131,867

108,461

21.6 %

501,620

477,413

5.1 %

Per share 1

0.29

0.24

20.8 %

1.12

1.08

3.7 %

Dividendspaid 1

40,252

39,959

0.7 %

160,656

159,619

0.6 %

Per share

0.09

0.0 %

0.36

0.0 %

All amounts in thousands except gold,palladium and gold equivalent ounces produced and sold,per ounce amounts and per share amounts.

Subsequent to the Quarter

The Company has set a minimum quarterly dividend of $0.10 per common share for the duration of 2020,representing an 11% increase relative to 2019,subject to the discretion of the Board of Directors. Under the new minimum dividend policy,the forecast annualized dividend for 2020 would represent an increase of more than 90% over a five-year period.

Wheaton announces its intention to initiate an at-the-market equity program.

Production Guidance

Wheaton's estimated attributable production in 2020 is forecast to be 390,000 to 410,22.0 to 23.5 million ounces of silver,and 23,000 to 24,500 ounces of palladium,resulting in gold equivalent production3 of approximately 685,000 to 725,000 ounces.

For the five-year period ending in 2024,the Company estimates that average annual gold equivalent production3 will amount to 750,000 ounces.

Financial Review

Revenues

Revenue was $223 million in the fourth quarter of 2019 representing a 14% increase from the fourth quarter of 2018 due primarily to:

21% increase in the average realized gold price;

18% increase in the average realized silver price;

6% increase in the number of silver ounces sold; and

59% increase in the average realized palladium price; partially offset by

13% decrease in the number of gold ounces sold.

Revenue was $861 million in the year ended December 31,2019 representing an 8% increase from 2018 due primarily to:

10% increase in the average realized gold price;

11% increase in the number of gold ounces sold;

137% increase in the number of palladium ounces sold;

3% increase in the average realized silver price; and

45% increase in the average realized palladium price; partially offset by

19% decrease in the number of silver ounces sold.

Costs and Expenses

Average cash costs¹ in the fourth quarter of 2019 were:

$426 per gold ounce as compared to $409 in Q4 2018;

$5.13 per silver ounce as compared to $4.66 in Q4 2018; and

$321 per palladium ounce as compared to $205 in Q4 2018.

This resulted in a cash operating margin¹ of:

$1,057 per gold ounce sold,an increase of 29% as compared with Q4 2018;

$12.23 per silver ounce sold,an increase of 22% as compared with Q4 2018; and

$1,483 per palladium ounce sold,an increase of 59% as compared with Q4 2018.

Average cash costs¹ in 2019 were:

$421 per gold ounce as compared to $409 in 2018;

$5.02 per silver ounce as compared to $4.67 in 2018; and

$273 per palladium ounce as compared to $190 in 2018.

This resulted in a cash operating margin¹ of:

$969 per gold ounce sold,an increase of 13% as compared with 2018;

$11.27 per silver ounce sold,an increase of 1% as compared with 2018; and

$1,269 per palladium ounce sold,an increase of 46% as compared with 2018.

Balance Sheet (at December 31,2019)

Approximately $104 million of cash on hand.

$875 million outstanding under the Company's $2 billion revolving term loan (the "Revolving Facility"). Subsequent to December 31,2019,the term of the Revolving Facility was extended by an additional year,with the facility now maturing on February 27,2025.

During Q4 2019,the Company has repaid $139 million under the Revolving Facility.

During Q4 2019,the net debt¹ was reduced by $91 million to $771 million.

The average effective interest rate for the fourth quarter of 2019 was 3.62%.

Fourth Quarter Asset Highlights

Salobo: In the fourth quarter of 2019,Salobo produced 74,700 ounces of attributable gold,virtually unchanged relative to the fourth quarter of 2018. In Vale S.A.'s ("Vale") Fourth Quarter 2019 Performance Report,Vale reports that physical completion of the Salobo III mine expansion is now 40% and is on track to start up in the first half of 2022.

Peñasquito: In the fourth quarter of 2019,Peñasquito produced 1.9 million ounces of attributable silver,an increase of approximately 30% relative to the fourth quarter of 2018 primarily due to higher grades.

San Dimas: In the fourth quarter of 2019,San Dimas produced 11,400 ounces of attributable gold,an increase of approximately 12% relative to the fourth quarter of 2018primarily due to higher grades and throughput. According to First Majestic Silver Corp.'s ("First Majestic") Fourth Quarter 2019 MD&A,First Majestic has announced plans to increase production at San Dimas by restarting mining operations at the past-producing Tayoltita mine by the end of the first quarter and expects to ramp up production to add another 300 tpd to San Dimas throughput by the end of 2020. In addition,First Majestic plans to install a new 3,000 tpd high-intensity grinding mill circuit and an autogenous grinding mill in the second half of 2020 to further improve recoveries and reduce operating costs.

Antamina: In the fourth quarter of 2019,Antamina produced 1.3 million ounces of attributable silver,an increase of approximately 10% relative to the fourth quarter of 2018,primarily due to higher grades.

Constancia: In the fourth quarter of 2019,Constancia produced 0.6 million ounces of attributable silver and 4,800 ounces of attributable gold,a decrease of approximately 9% for silver production and an increase of approximately 12% for gold production relative to the fourth quarter of 2018.As per Wheaton's precious metals purchase agreement with Hudbay Minerals Inc. ("Hudbay"),should Hudbay fail to achieve a minimum level of throughput at the Pampacancha deposit during 2018,2019 and 2020,Wheaton will be entitled to an additional 8,020 ounces of gold (received in quarterly installments) in each of 2019,2020 and 2021,of which 8,020 ounces of gold was received during 2019. As per Hudbay's news release dated February 18,2020,Hudbay secured the surface rights for the Pampacancha deposit and expects to begin mining ore from the satellite deposit in late 2020.

Other Gold:In the fourth quarter of 2019,total Other Gold attributable production was 6,200 ounces,an increase of approximately 9% relative to the fourth quarter of 2018,primarily due to the resumption of mining at the Minto mine.

Produced But Not Yet Delivered 4

As at December 31,payable ounces attributable to the Company produced but not yet delivered amounted to:

98,600 payable gold ounces,an increase of 13,300 ounces during Q4 2019,primarily the result of a build up during the period relative to the Salobo mine.

4.5 million payable silver ounces,an increase of 0.4 million ounces during Q4 2019,primarily the result of a build up during the period relative to the Peñasquito mine.

4,900 payable palladium ounces,an increase of 700 ounces during Q4 2019.

Detailed mine-by-mine production and sales figures can be found in the Appendix to this press release and in Wheaton's consolidated MD&A in the 'Results of Operations and Operational Review' section.

Reserves and Resources (at December 31,2019)

Proven and Probable Mineral Reserves attributable to Wheaton were 11.40 million ounces of gold compared with 11.76 million ounces as reported in Wheaton's 2018 Annual Information Form ("AIF"),a decrease of 3%; 544.4 million ounces of silver compared with 541.3 million ounces,an increase of 1%; palladium resources of 0.66 million ounces and cobalt of 32.6 million poundswere unchanged from 2018.

Measured and Indicated Mineral Resources attributable to Wheaton were 2.71 million ounces of gold compared with 2.88 million ounces as reported in Wheaton's 2018 AIF,a decrease of 6%; silver resources were 744.7 million ounces compared with 780.6 million ounces,a decrease of 5%; cobalt resources of 1.6 million pounds of cobalt were unchanged from 2018.

Inferred Mineral Resources attributable to Wheaton were 4.16 million ounces of gold compared with 4.13 million ounces as reported in Wheaton's 2018 AIF,an increase of 1%; silver resources were 485.7 million ounces compared with 441.7 million ounces,an increase of 10%,palladium resources were 0.35 million ounces compared with 0.36 million ounces,a decrease of 1% and cobalt resources of 9.3 million pounds were unchanged from 2018.

Estimated attributable reserves and resources contained in this press release are based on information available to the Company as of March 11,and therefore will not reflect updates,if any,after that date. Updated reserves and resources data incorporating year-end 2019 estimates will also be included in the Company's 2019 Annual Information Form. Wheaton's most current attributable reserves and resources,as of December 31,can be found on the Company's website at www.wheatonpm.com.

At-The-Market Equity Program

Wheaton intends to initiate an at-the-market equity program (the "ATM Program") that would allow the Company to issue up to $300 million worth of common shares from treasury ("Common Shares") to the public from time to time at the prevailing market price or other prices through the Toronto Stock Exchange,the New York Stock Exchange or any other marketplace on which the Common Shares are listed,quoted or otherwise trade. The volume and timing of distributions under the ATM Program,will be determined at the Company's sole discretion,subject to applicable regulatory limitations. The ATM Program remains subject to negotiation of definitive agreements with the Canadian and U.S. agents,filing of the prospectus supplement with the Canadian securities regulators and U.S. Securities and Exchange Commission (the "SEC") respectively and receipt of all regulatory approvals,which conditions are anticipated to be satisfied in April. Wheaton intends that the net proceeds from the ATM Program,will be available as one potential source of funding for stream acquisitions and/or other general corporate purposes including the repayment of indebtedness. Details of the ATM Program will be provided upon filing of a prospectus supplement with the Canadian securities regulators and the SEC in early April. Sales of common shares through the ATM Program will be made pursuant to the terms of an equity distribution agreement.

Outlook

Wheaton's estimated attributable production in 2020 is forecast to be between 685,000 and 725,000 gold equivalent ounces3comprised of 390,000 gold ounces,22.0 to 23.5 million silver ounces,500 palladium ounces. For the five-year period ending in 2024,the Company estimates that average annual gold equivalent production3will amount to 750,000 ounces. As a reminder,Wheaton does not include any production from Barrick's Pascua-Lama project or Hudbay's Rosemont project in its estimated average five-year production guidance.

From a liquidity perspective,the $104 million of cash and cash equivalents as at December 31,2019 combined with the liquidity provided by the available credit under the $2 billion Revolving Facility and ongoing operating cash flows positions the Company well to fund all outstanding commitments and known contingencies as well as providing flexibility to acquire additional accretive precious metal stream interests.

Health and Safety

The company is keeping up to date on developments surrounding COVID-19 and is taking steps to protect the health and safety of its employees as well as considering any possible impacts to its business.

Webcast and Conference Call Details

A conference call and webcast will be held Thursday,starting at 11:00 am (Eastern Time) to discuss these results. To participate in the live call,please use one of the following methods:

Dial toll free from Canada or the US:

888-231-8191

Dial from outside Canada or the US:

647-427-7450

Pass code:

6437236

Live audio webcast:

Click here

Participants should dial in five to ten minutes before the call.

The conference call will be recorded and available until March 19,2020 at 11:59 pm (Eastern Time). The webcast will be available for one year. You can listen to an archive of the call by one of the following methods:

Dial toll free from Canada or the US:

855-859-2056

Dial from outside Canada or the US:

416-849-0833

Pass code:

6437236

Archived audio webcast:

Click here

This earnings release should be read in conjunction with Wheaton Precious Metals' MD&A and Financial Statements,which are available on the Company's website at www.wheatonpm.comand have been posted on SEDAR at www.sedar.com.

Mr. Wes Carson,P. Eng.,Vice President,Mining Operations and Neil Burns,P. Geo.,Technical Services for Wheaton Precious Metals,are a "qualified person" as such term is defined under National Instrument 43-101,and have reviewed and approved the technical information disclosed in this news release (specifically Mr. Carson has reviewed production figures and Mr. Burns has reviewed mineral reserves and resource estimates).

Wheaton Precious Metals believes that there are no significant differences between its corporategovernance practices and those required to be followed by United States domestic issuers under the NYSE listing standards. This confirmation is located on the Wheaton Precious Metals website at http://www.wheatonpm.com/Company/corporate-governance/default.aspx.

About Wheaton Precious Metals Corp.

Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life,low-cost assets. Its business model offers investors commodity price leverage and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry,allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. As a result,Wheaton has consistently outperformed gold and silver,as well as other mining investments. Wheaton creates sustainable value through streaming.

In accordance with Wheaton Precious Metals™ Corp.'s ("Wheaton Precious Metals ","Wheaton" or the "Company")MD&A and financial statements,reference to the Company includes the Company's wholly owned subsidiaries.

End Notes

___________________

1Please refer to non-IFRS measures at the end of this press release. Dividends declared in the referenced calendar quarter,relative to the financial results of the prior quarter.

2Commodity price assumptions for the gold equivalent production and sales in 2019 are $1,300 / ounce gold,$16 / ounce silver,and $1,350 / ounce palladium.

3Commodity price assumptions for the forecasts of gold equivalent production for 2020 and the five-year average to 2024,are $1,500 / ounce gold,$18 / ounce silver,$2,000 / ounce palladium,and $16 / pound of cobalt.

4Payable gold,silver and palladium ounces produced but not yet delivered are based on management estimates only and rely upon information provided by the owners and operators of mining operations and may be revised and updated in future periods as additional information is received.

Consolidated Statements of Earnings

Years Ended December 31

(US dollars and shares in thousands,except per share amounts)

2019

2018

Sales

861,332

794,012

Cost of sales

Cost of sales,excluding depletion

258,559

245,794

Depletion

256,826

252,287

Total cost of sales

515,385

498,081

Gross margin

345,947

295,931

General and administrative expenses

54,507

51,650

Impairment of mineral stream interests

165,912

Earnings from operations

125,528

244,281

Gain on disposal of mineral stream interest

(245,715)

Other (income) expense

(274)

5,826

Earnings before finance costs and income taxes

125,802

484,170

Finance costs

48,730

41,187

Earnings before income taxes

77,072

442,983

Income tax recovery (expense)

9,066

(15,868)

Net earnings

86,138

427,115

Basic earnings per share

0.19

0.96

Diluted earnings per share

0.19

0.96

Weighted average number of shares outstanding

Basic

446,021

443,407

Diluted

446,930

443,862

Consolidated Balance Sheets

As at

December 31

As at

December 31

(US dollars in thousands)

2019

2018

Assets

Current assets

Cash and cash equivalents

103,986

75,767

Accounts receivable

7,138

2,186

Current taxes receivable

124

210

Other

43,504

1,541

Total current assets

154,752

79,704

Non-current assets

Mineral stream interests

5,734,106

6,156,839

Early deposit mineral stream interests

31,741

30,241

Mineral royalty interest

3,036

9,107

Long-term equity investments

309,757

164,753

Investment in associates

882

2,562

Convertible notes receivable

21,856

12,899

Property,plant and equipment

7,311

3,626

Other

14,566

10,315

Total non-current assets

6,123,255

6,390,342

Total assets

6,278,007

6,470,046

Liabilities

Current liabilities

Accounts payable and accrued liabilities

11,794

19,883

Current taxes payable

3,361

Current portion of performance share units

10,668

5,578

Current portion of lease liabilities

724

Other

41,514

Total current liabilities

64,700

28,841

Non-current liabilities

Bank debt

874,500

1,264,000

Lease liabilities

3,528

Deferred income taxes

148

111

Performance share units

8,401

5,178

Pension liability

810

Total non-current liabilities

887,387

1,269,289

Total liabilities

952,087

1,298,130

Shareholders' equity

Issued capital

3,599,203

3,516,437

Reserves

160,701

7,893

Retained earnings

1,566,016

1,647,586

Total shareholders' equity

5,325,920

5,171,916

Total liabilities and shareholders' equity

6,046

Consolidated Statements of Cash Flows

Years Ended December 31

(US dollars in thousands)

2019

2018

Operating activities

Net earnings

86,115

Adjustments for

Depreciation and depletion

258,730

253,343

Gain on disposal of mineral stream interest

(245,715)

Gain on disposal of mineral royalty interest

(2,929)

Impairment charges

167,561

Interest expense

44,942

35,839

Equity settled stock based compensation

5,691

5,432

Performance share units

7,834

9,517

Pension expense

810

Income tax expense (recovery)

(9,066)

15,868

Loss on fair value adjustment of share purchase warrants held

124

Share in losses of associate

164

432

Fair value (gain) loss on convertible note receivable

1,043

2,878

Investment income recognized in net earnings

(875)

(829)

Other

(46)

Change in non-cash working capital

(11,837)

8,964

Cash generated from operations before income taxes and interest

548,242

512,922

Income taxes paid

(5,380)

(960)

Interest paid

(42,059)

(35,373)

Interest received

817

824

Cash generated from operating activities

501,620

477,413

Financing activities

Bank debt repaid

(389,500)

(330,500)

Bank debt drawn

824,500

Credit facility extension fees

(1,106)

(1,205)

Share purchase options exercised

37,038

1,027

Lease payments

(637)

Dividends paid

(129,986)

(132,915)

Cash (used for) generated from financing activities

(484,191)

360,907

Investing activities

Mineral stream interests

(183)

(1,116,955)

Early deposit mineral stream interests

(1,500)

(8,709)

Proceeds on disposal of mineral royalty interest

9,000

Net proceeds on disposal of mineral stream interests

226,000

Acquisition of long-term investments

(909)

(5,863)

Acquisition of convertible note receivable

(10,000)

Investment in associate

(133)

Proceeds on disposal of long-term investments

17,824

47,734

Investment in subscription rights

(1,524)

Dividend income received

Other

(2,004)

(3,613)

Cash generated from (used for) investing activities

10,630

(861,326)

Effect of exchange rate changes on cash and cash equivalents

160

252

Increase (decrease) in cash and cash equivalents

28,219

(22,754)

Cash and cash equivalents,beginning of year

75,767

98,521

Cash and cash equivalents,end of year

103,767

Summary of Ounces Produced

Q4 2019

Q3 2019

Q2 2019

Q1 2019

Q4 2018

Q3 2018

Q2 2018

Q1 2018

Gold ounces produced ²

Salobo

74,716

73,615

67,056

60,846

76,995

72,423

67,466

64,896

Sudbury 3

6,639

6,082

9,360

11,374

6,646

6,510

6,476

3,511

Constancia

4,757

5,172

4,533

4,826

4,266

3,634

3,281

3,315

San Dimas 4

11,352

11,239

11,496

10,290

10,092

10,642

5,726

Stillwater 5

3,585

3,238

3,675

3,137

3,472

6,376

Other

Minto 6

2,189

1,441

2,546

2,554

2,707

777

3,987

4,278

4,788

4,445

4,248

4,124

4,982

5,645

Total Other

6,176

4,445

5,689

6,670

7,536

8,352

Total gold ounces produced

107,225

103,624

100,908

94,918

107,160

106,255

90,485

80,074

Silver ounces produced 2

San Dimas 4

607

1,606

Peñasquito

1,895

2,026

702

1,594

1,455

1,050

1,267

1,450

Antamina

1,342

1,223

1,334

1,176

1,225

1,406

1,394

1,304

Constancia

632

686

552

635

695

682

552

598

Other

Los Filos

Zinkgruvan

724

630

631

479

608

530

453

565

Yauliyacu

358

620

627

528

233

597

719

550

Stratoni

147

131

172

143

149

165

211

137

Minto 6

Neves-Corvo

385

431

392

498

509

458

421

405

Aljustrel

325

240

322

470

475

514

138

Lagunas Norte 7

217

Pierina 7

107

Veladero 7

265

777

113

136

152

146

Total Other

2,093

2,147

2,274

2,251

2,124

2,446

2,157

2,456

Total silver ounces produced

5,962

6,082

4,862

5,656

5,499

5,584

5,977

7,414

Palladium ounces produced ²

Stillwater

6,057

5,471

5,736

4,729

5,869

8,817

GEOs produced 8

186,892

184,160

166,700

169,443

180,936

184,139

164,043

171,328

SEOs produced 8

15,185

14,963

13,544

13,767

14,701

14,961

13,329

13,920

Average payable rate 2

Gold

95.6%

95.1%

95.3%

95.6%

95.5%

95.4%

94.9%

94.7%

Silver

85.4%

85.1%

83.4%

83.0%

83.1%

83.5%

86.8%

89.7%

Palladium

99.4%

83.5%

87.6%

98.5%

96.4%

94.6%

n.a.

All figures in thousands except gold and palladium ounces produced.

Ounces produced represent the quantity of gold,silver and palladium contained in concentrate or doré prior to smelting or refining deductions. Production figures and average payable rates are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available.Certain production figures may be updated in future periods as additional information is received.

Comprised of the Coleman,Copper Cliff,Garson,Creighton and Totten gold interests.

Pursuant to the San Dimas SPA with Primero,the Company acquired 100% of the payable silver produced at San Dimas up to 6 million ounces annually,and 50% of any excess for the life of the mine. The San Dimas SPA was terminated on May 10,2018 and concurrently the Company entered into the new San Dimas PMPA.

Comprised of the Stillwater and East Boulder gold and palladium interests.

The Minto mine was placed into care and maintenance from October 2018 to October 2019.

In accordance with the Pascua-Lama precious metal purchase agreement,all deliveries from Lagunas Norte,Pierina and Veladero ceased effective March 31,2018.

GEOs and SEOs,which are provided to assist the reader,are based on the following commodity price assumptions: $1,300 per ounce gold; $16.00 per ounce silver; and $1,350 per ounce palladium,consistent with those used in estimating the Company's production guidance for 2019. Previously,GEOs and SEOs were calculated by referencing the average LBMA price during the period. This revised methodology of calculating GEOs and SEOs has been applied to all periods presented.

Summary of Ounces Sold

Q4 2019

Q3 2019

Q22019

Q12019

Q42018

Q32018

Q22018

Q12018

Gold ounces sold

Salobo

58,137

63,064

57,715

84,160

75,351

65,139

70,734

54,645

Sudbury 2

7,394

7,600

8,309

4,061

4,864

2,560

4,400

5,186

Constancia

5,108

4,742

4,409

5,512

3,645

2,980

2,172

3,247

San Dimas 3

11,499

11,374

10,284

11,510

8,453

9,771

3,738

Stillwater 4

2,925

3,314

3,301

2,856

3,473

2,075

Other

Minto 5

765

3,307

2,674

796

2,284

1,763

777

4,160

4,672

5,294

3,614

4,353

5,921

3,812

5,132

Total Other

4,672

6,059

6,921

7,027

6,717

6,096

6,895

Total gold ounces sold

89,223

94,766

90,077

115,020

102,813

89,242

87,140

69,973

Silver ounces sold

San Dimas 3

1,070

1,372

Peñasquito

1,268

1,233

912

1,164

901

1,241

1,547

1,227

Antamina

1,227

1,059

1,186

1,255

1,300

1,333

1,422

1,413

Constancia

672

521

478

735

629

567

410

574

Other

Los Filos

Zinkgruvan

473

459

337

232

543

326

297

391

Yauliyacu

561

574

542

317

697

521

360

Stratoni

120

126

240

125

171

148

Minto 5

(1)

Neves-Corvo

154

243

194

265

240

234

178

169

Aljustrel

121

139

216

381

226

302

Lagunas Norte 6

236

Pierina 6

Veladero 6

104

161

777

108

129

163

153

Total Other

1,517

1,671

1,665

1,140

1,570

1,877

1,523

1,757

Total silver ounces sold

4,684

4,484

4,241

4,294

4,018

5,972

6,343

Palladium ounces sold

Stillwater

5,312

4,907

5,273

5,189

5,049

3,668

GEOs sold 7

152,389

155,049

147,755

173,255

162,205

154,815

160,627

148,055

SEOs sold 7

12,382

12,598

12,005

14,077

13,179

12,579

13,051

12,029

Cumulative payable gold

ounces PBND 8

98,626

85,335

81,535

75,236

99,474

99,987

88,547

89,839

Cumulative payable silver

ounces PBND 8

4,546

4,138

3,403

3,184

3,015

3,375

4,126

Cumulative payable palladium

ounces PBND 8

4,872

4,163

4,504

4,754

5,282

4,671

All figures in thousands except gold and palladium ounces sold.

Comprised of the Coleman,Creighton and Totten gold interests.

Pursuant to the San Dimas SPA with Primero,2018 and concurrently the Company entered into the new San Dimas PMPA.

Comprised of the Stillwater and East Boulder gold and palladium interests.

The Minto mine was placed into care and maintenance from October 2018 to October 2019

In accordance with the Pascua-Lama precious metal purchase agreement,2018.

GEOs and SEOs,GEOs and SEOs were calculated by referencing the average LBMA price during the period. This revised methodology of calculating GEOs and SEOs has been applied to all periods presented.

Payable gold,silver and palladium ounces produced but not yet delivered ("PBND") are based on management estimates. These figures may be updated in future periods as additional information is received.

Results of Operations

The operating results of the Company's reportable operating segments are summarized in the tables and commentary below.

Three Months Ended December 31,2019

Ounces

Produced²

Ounces

Sold

Average

Realized

Price

($'s Per

Ounce)

Average

Cash Cost

($'s Per

Ounce)3

Average

Depletion

($'s Per

Ounce)

Sales

Net

Earnings

Cash Flow

From

Operations

Total

Assets

Gold

Salobo

74,716

58,137

1,484

404

383

86,252

40,488

55,963

2,605,257

Sudbury 4

6,639

7,394

1,481

400

819

10,952

1,936

8,342

344,043

Constancia

4,108

1,484

404

361

7,578

3,670

5,345

110,406

San Dimas

11,499

1,484

606

310

17,059

6,531

7,962

194,367

Stillwater

3,585

2,925

1,484

268

519

4,339

2,038

3,556

229,994

Other 5

6,160

1,481

420

462

6,162

2,492

4,413

13,168

107,225

89,223

1,483

426

417

132,342

57,155

85,581

3,497,235

Silver

Peñasquito

1,895

1,268

17.33

4.21

3.06

21,974

12,752

16,636

374,702

Antamina

1,227

17.33

3.46

8.73

21,262

6,308

16,730

668,810

Constancia

632

672

17.33

5.96

7.50

11,641

2,598

6,348

228,187

Other 6

2,093

1,517

17.41

6.90

2.86

26,419

11,619

13,578

487,693

5,962

4,684

17.36

5.13

5.12

81,296

33,277

53,292

1,759,392

Palladium

Stillwater

6,312

1,804

321

470

9,584

5,381

7,877

249,969

Cobalt

Voisey's Bay

n.a

227,510

Operating results

223,222

95,813

146,750

5,106

Other

General and administrative

(11,695)

(5,709)

Finance costs

(9,607)

(9,537)

Other

(435)

409

Income tax

3,448

(46)

Total other

(18,289)

(14,883)

543,901

77,524

131,867

6,007

All figures in thousands except gold and palladium ounces produced and sold and per ounce amounts.

Ounces produced represent the quantity of gold,silver and palladium contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.

Refer to discussion on non-IFRS measure (iii) at the end of this press release.

Comprised of the operating Coleman,Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests.

Comprised of the operating 777 and Minto gold interests in addition to the non-operating Rosemont gold interest. The Minto mine was placed into care and maintenance from October 2018 to October 2019.

Comprised of the operating Los Filos,Zinkgruvan,Yauliyacu,Stratoni,Neves-Corvo,Aljustrel,Minto and 777 silver interests as well as the non-operating Keno Hill,Loma de La Plata,Pascua-Lama and Rosemont silver interests. The Minto mine was placed into care and maintenance from October 2018 to October 2019.

On a gold equivalent and silver equivalent basis,results for the Company for the three months ended December 31,2019 were as follows:

Three Months Ended December 31,2019

Ounces

Produced1,2

Ounces

Sold2

Average

Realized

Price

($'s Per

Ounce)

Average

Cash Cost

($'s Per

Ounce) 3

Cash

Operating

Margin

($'s Per

Ounce)4

Average

Depletion

($'s Per

Ounce)

Gross

Margin

($'s Per

Ounce)

Gold equivalent basis 5

186,892

152,389

$ 1,465

$ 418

$ 1,047

$ 418

$ 629

Silver equivalent basis 5

15,185

12,382

$ 18.03

$ 5.15

$ 12.88

$ 5.14

$ 7.74

Silver ounces produced and sold in thousands.

Refer to discussion on non-IFRS measure (iii) at the end of this press release.

Refer to discussion on non-IFRS measure (iv) at the end of this press release.

GEOs and SEOs,GEOs and SEOs were calculated by referencing the average LBMA price during the period. This revised methodology of calculating GEOs and SEOs has been applied to all periods presented.

Three Months Ended December 31,2018

Ounces

Produced²

Ounces

Sold

Average

Realized

Price

($'s Per

Ounce)

Average

Cash Cost

($'s Per

Ounce)3

Average

Depletion

($'s Per

Ounce)

Sales

Net

Earnings

Cash Flow

From

Operations

Total

Assets

Gold

Salobo

76,995

75,351

1,228

400

386

92,496

33,258

62,356

2,706,060

Sudbury 4

6,646

4,864

1,231

400

795

5,988

175

4,043

366,463

Constancia

4,645

1,225

400

374

4,467

1,645

3,008

117,547

San Dimas

10,092

8,453

1,241

600

558

10,486

694

5,414

208,195

Stillwater

3,472

3,473

1,232

220

528

4,278

1,680

3,513

236,432

Other 5

5,689

7,027

1,228

381

337

8,628

3,585

5,771

21,359

107,160

102,813

1,229

409

421

126,343

41,037

84,105

3,656,056

Silver

Peñasquito

1,455

901

14.66

4.17

2.96

13,211

6,791

9,454

388,722

Antamina

1,300

14.57

2.92

8.70

18,945

3,832

14,898

710,077

Constancia

695

629

14.49

5.90

7.14

9,116

913

5,405

246,231

Other 6

2,124

1,570

14.81

5.89

2.41

23,238

10,214

13,415

502,638

5,499

4,400

14.66

4.66

5.06

64,510

21,750

43,172

1,847,668

Palladium

Stillwater

5,869

5,049

1,137

205

463

5,738

2,363

4,703

259,693

Cobalt

Voisey's Bay

n.a

393,422

Operating results

196,591

65,150

131,980

6,839

Other

General and administrative

(21,143)

(6,168)

Finance costs

(13,836)

(17,445)

Other

(4,670)

210

Income tax

(18,673)

(116)

Total other

(58,322)

(23,519)

313,207

6,828

108,461

6,046

All figures in thousands except gold and palladium ounces produced and sold and per ounce amounts.

Ounces produced represent the quantity of gold,Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests.

Comprised of the operating Minto and 777 gold interests in addition to the non-operating Rosemont gold interest. The Minto mine was placed into care and maintenance from October 2018 to October 2019.

Comprised of the operating Los Filos,Minto,Neves-Corvo and 777 silver interests as well as the non-operating Keno Hill,2018 were as follows:

Three Months Ended December 31,2018

Ounces

Produced1,2

Ounces

Sold2

Average

Realized

Price

($'s Per

Ounce)

Average

Cash Cost

($'s Per

Ounce) 3

Cash

Operating

Margin

($'s Per

Ounce)4

Average

Depletion

($'s Per

Ounce)

Gross

Margin

($'s Per

Ounce)

Gold equivalent basis 5

180,936

162,205

$ 1,212

$ 392

$ 820

$ 418

$ 402

Silver equivalent basis 5

14,701

13,179

$ 14.92

$ 4.83

$ 10.09

$ 5.15

$ 4.94

Ounces produced represent the quantity of gold,GEOs and SEOs were calculated by referencing the average LBMA price during the period. This revised methodology of calculating GEOs and SEOs has been applied to all periods presented.

Year Ended December 31,2019

Ounces

Produced²

Ounces

Sold

Average

Realized

Price

($'s Per

Ounce)

Average

Cash

Cost

($'s Per

Ounce)3

Average

Depletion

($'s Per

Ounce)

Sales

Gross

Margin

Impairment

Charges 4

Net

Earnings

Cash Flow

From

Operations

Total

Assets

Gold

Salobo

276,233

263,076

1,389

404

383

365,448

158,363

259,166

2,257

Sudbury 5

33,455

27,364

1,397

400

819

38,234

4,868

27,385

344,043

Constancia

19,288

19,771

1,397

402

361

27,613

12,527

19,668

110,406

San Dimas

44,377

44,667

1,400

604

310

62,528

21,706

35,534

194,367

Stillwater

13,635

12,396

1,396

250

519

17,303

7,776

14,209

229,994

Other 6

19,687

21,812

1,372

401

376

29,919

12,992

21,561

13,168

406,675

389,086

1,391

421

408

541,045

218,232

377,523

3,235

Silver

Peñasquito

6,217

4,577

16.30

4.21

3.06

74,578

41,291

55,310

374,702

Antamina

5,075

4,727

16.15

3.24

8.73

76,328

19,739

61,007

668,810

Constancia

2,505

2,406

16.17

5.93

7.50

38,895

6,593

24,637

228,187

Other 7

8,765

5,993

16.45

6.68

2.50

98,600

43,581

55,509

487,693

22,562

17,703

16.29

5.02

4.99

288,401

111,204

196,463

1,392

Palladium

Stillwater

21,993

20,681

1,542

273

470

31,886

16,511

26,230

249,969

Cobalt

Voisey's Bay

n.a

(165,912)

227,510

Operating results

861,332

345,947

(165,912)

180,035

600,216

5,106

Other

General and administrative

(54,507)

(46,292)

Finance costs

(48,730)

(44,733)

Other

274

(2,191)

Income tax

9,066

(5,380)

Total other

(93,897)

(98,596)

543,901

86,138

501,620

6,silver and palladium contained in concentrate or doré prior to smelting or refining deductions. Production figures are based on information provided by the operators of the mining operations to which the mineral stream interests relate or management estimates in those situations where other information is not available. Certain production figures may be updated in future periods as additional information is received.

Refer to discussion on non-IFRS measure (iii) at the end of this press release.

Please refer to page 3 of this press release for more information.

Comprised of the operating Coleman,Creighton and Totten gold interests as well as the non-operating Stobie and Victor gold interests.

Comprised of the operating 777 and Minto gold interests in addition to the non-operating Rosemont gold interest. The Minto mine was placed into care and maintenance from October 2018 to October 2019.

Comprised of the operating Los Filos,results for the Company for the year ended December 31,2019 were as follows:

Year Ended December 31,2

Ounces

Sold2

Average

Realized

Price

($'s Per

Ounce)

Average

Cash Cost

($'s Per

Ounce) 3

Cash

Operating

Margin

($'s Per

Ounce)4

Average

Depletion

($'s Per

Ounce)

Gross

Margin

($'s Per

Ounce)

Gold equivalent basis 5

707,195

628,447

$ 1,371

$ 411

$ 960

$ 409

$ 551

Silver equivalent basis 5

57,460

51,061

$ 16.87

$ 5.06

$ 11.81

$ 5.03

$ 6.78

Ounces produced represent the quantity of gold,2018

Ounces

Produced²

Ounces

Sold

Average

Realized

Price

($'s Per

Ounce)

Average

Cash Cost

($'s Per

Ounce)3

Average

Depletion

($'s Per

Ounce)

Sales

Net

Earnings

Cash Flow

From

Operations

Total

Assets

Gold

Salobo

281,780

265,869

1,266

400

386

336,474

127,455

230,126

2,060

Sudbury 4

23,143

17,010

1,281

400

795

21,785

1,456

14,959

366,463

Constancia

14,496

12,044

1,267

400

374

15,259

5,937

10,441

117,547

San Dimas

26,460

21,962

1,227

600

557

26,943

1,532

13,766

208,195

Stillwater

9,848

5,548

1,222

219

527

6,777

2,637

5,562

236,432

Other 5

28,247

26,735

1,270

388

391

33,955

13,129

22,162

21,359

383,974

349,168

1,264

409

419

441,193

152,146

297,016

3,056

Silver

San Dimas 6

2,213

2,442

16.62

4.32

1.46

40,594

26,470

30,045

Peñasquito

5,222

4,916

15.80

4.17

2.96

77,691

42,662

57,190

388,722

Antamina

5,329

5,468

15.80

3.16

8.70

86,408

21,582

69,143

710,077

Constancia

2,527

2,180

15.63

5.90

7.14

34,082

5,647

21,219

246,231

Other 7

9,183

6,727

15.58

5.98

3.08

104,804

43,873

64,645

502,638

24,474

21,733

15.81

4.67

4.69

343,579

140,234

242,242

1,668

Palladium

Stillwater

14,686

8,717

1,060

190

463

9,240

3,551

7,584

259,422

Operating results

794,012

295,931

546,842

6,839

Other

General and administrative

(51,650)

(29,564)

Finance costs

(41,187)

(40,363)

Gain on disposal of San Dimas SPA

245,715

Other

(5,826)

1,458

Income tax

(15,868)

(960)

Total other

131,184

(69,429)

313,207

427,115

477,413

6,Creighton and Totten gold interests,the non-operating Stobie and Victor gold interests.

Comprised of the operating Minto and 777 gold interests in addition to the non-operating Rosemont gold interest. The Minto mine was placed into care and maintenance from October 2018 to October 2019.

Pursuant to the San Dimas SPA,and 50% of any excess for the life of the mine. On May 10,2018,the Company terminated the San Dimas SPA and concurrently entered into the new San Dimas PMPA

Comprised of the operating Los Filos,Lagunas Norte,Pierina,Veladero and 777 silver interests as well as the non-operating Keno Hill,Pascua-Lama and Rosemont silver interests. In accordance with the Pascua-Lama PMPA,2018. Additionally,The Minto mine was placed into care and maintenance from October 2018 to October 2019.

On a gold equivalent and silver equivalent basis,2018 were as follows:

Year Ended December 31,

Ounces

Sold2

Average

Realized

Price

($'s Per

Ounce)

Average

Cash Cost

($'s Per

Ounce) 3

Cash

Operating

Margin

($'s Per

Ounce)4

Average

Depletion

($'s Per

Ounce)

Gross

Margin

($'s Per

Ounce)

Gold equivalent basis 5

700,446

625,701

$ 1,269

$ 393

$ 876

$ 403

$ 473

Silver equivalent basis 5

56,911

50,838

$ 15.62

$ 4.83

$ 10.79

$ 4.96

$ 5.83

Non-IFRS Measures

Wheaton has included,throughout this document,certain non-IFRS performance measures,including (i) adjusted net earnings and adjusted net earnings per share; (ii) operating cash flow per share (basic and diluted); (iii) average cash costs of gold,silver and palladium on a per ounce basis and; (iv) cash operating margin.

i. Adjusted net earnings and adjusted net earnings per share are calculated by removing the effects of the non-cash impairment charges,non-cash fair value (gains) losses,non-cash share of losses of associates,the impact of the CRA Settlement and other one-time (income) expenses. The Company believes that,in addition to conventional measures prepared in accordance with IFRS,management and certain investors use this information to evaluate the Company's performance.

The following table provides a reconciliation of adjusted net earnings and adjusted net earnings per share (basic and diluted).

Three Months Ended

December 31

Years Ended

December 31

(in thousands,except for per share amounts)

2019

2018

2019

2018

Net earnings

77,828

86,115

Add back (deduct):

Impairment loss

167,561

Gain on disposal of San Dimas SPA

(245,715)

Share in losses of associate

164

432

(Gain) loss on fair value adjustment of

share purchase warrants held

124

(Gain) loss on fair value adjustment of

convertible notes receivable

366

661

1,878

Gain on disposal of mineral royalty

interest

(2,929)

Fees for contract amendments and

reconciliations

(248)

Costs associated with the CRA

Settlement

Income tax expense related to CRA

Settlement

20,334

Interest and penalties

4,317

Professional fees

4,545

Adjusted net earnings

77,745

251,782

Divided by:

Basic weighted average number of

shares outstanding

447,475

444,057

446,407

Diluted weighted average number of

shares outstanding

448,426

444,429

446,862

Equals:

Adjusted earnings per share - basic

0.17

0.08

0.56

0.48

Adjusted earnings per share - diluted

0.17

0.08

0.56

0.48

ii. Operating cash flow per share (basic and diluted) is calculated by dividing cash generated by operating activities by the weighted average number of shares outstanding (basic and diluted). The Company presents operating cash flow per share as management and certain investors use this information to evaluate the Company's performance in comparison to other companies in the precious metal mining industry who present results on a similar basis.

The following table provides a reconciliation of operating cash flow per share (basic and diluted).

Three Months Ended

December 31

Years Ended

December 31

(in thousands,except for per share amounts)

2019

2018

2019

2018

Cash generated by operating activities

131,461

501,413

Divided by:

Basic weighted average number of shares

outstanding

447,407

Diluted weighted average number of shares

outstanding

448,862

Equals:

Operating cash flow per share - basic

0.29

0.24

1.12

1.08

Operating cash flow per share - diluted

0.29

0.24

1.12

1.08

iii. Average cash cost of gold,silver and palladium on a per ounce basis is calculated by dividing the total cost of sales,less depletion,by the ounces sold. In the precious metal mining industry,this is a common performance measure but does not have any standardized meaning prescribed by IFRS. In addition to conventional measures prepared in accordance with IFRS,management and certain investors use this information to evaluate the Company's performance and ability to generate cash flow.

The following table provides a reconciliation of average cash cost of gold,silver and palladium on a per ounce basis.

Three Months Ended

December 31

Years Ended

December 31

(in thousands,except for gold and palladium ounces sold

and per ounce amounts)

2019

2018

2019

2018

Cost of sales

127,409

131,441

515,385

498,081

Less: depletion

(63,646)

(67,843)

(256,826)

(252,287)

Cash cost of sales

63,763

63,598

258,559

245,794

Cash cost of sales is comprised of:

Total cash cost of gold sold

38,008

42,054

163,997

142,728

Total cash cost of silver sold

24,048

20,508

88,906

101,410

Total cash cost of palladium sold

1,707

1,036

5,656

1,656

Total cash cost of sales

63,794

Divided by:

Total gold ounces sold

89,813

389,168

Total silver ounces sold

4,400

17,733

Total palladium ounces sold

5,049

20,717

Equals:

Average cash cost of gold (per ounce)

426

409

421

409

Average cash cost of silver (per ounce)

5.13

4.66

5.02

4.67

Average cash cost of palladium (per ounce)

321

205

273

190

iv. Cash operating margin is calculated by subtracting the average cash cost of gold,silver and palladium on a per ounce basis from the average realized selling price of gold,silver and palladium on a per ounce basis. The Company presents cash operating margin as management and certain investors use this information to evaluate the Company's performance in comparison to other companies in the precious metal mining industry who present results on a similar basis as well as to evaluate the Company's ability to generate cash flow.

The following table provides a reconciliation of cash operating margin.

Three Months Ended

December 31

Years Ended

December 31

(in thousands,except for gold and palladium ounces sold and per

ounce amounts)

2019

2018

2019

2018

Total sales:

Gold

132,342

126,343

541,045

441,193

Silver

81,296

64,510

288,401

343,579

Palladium

9,584

5,738

31,886

9,240

Divided by:

Total gold ounces sold

89,717

Equals:

Average realized price of gold (per ounce)

1,483

1,229

1,391

1,264

Average realized price of silver (per ounce)

17.36

14.66

16.29

15.81

Average realized price of palladium (per ounce)

1,804

1,137

1,542

1,060

Less:

Average cash cost of gold 1 (per ounce)

(426)

(409)

(421)

(409)

Average cash cost of silver 1 (per ounce)

(5.13)

(4.66)

(5.02)

(4.67)

Average cash cost of palladium 1 (per ounce)

(321)

(205)

(273)

(190)

Equals:

Cash operating margin per gold ounce sold

1,057

820

970

855

As a percentage of realized price of gold

71%

67%

70%

68%

Cash operating margin per silver ounce sold

12.23

10.00

11.27

11.14

As a percentage of realized price of silver

70%

68%

69%

70%

Cash operating margin per palladium ounce sold

1,483

932

1,269

870

As a percentage of realized price of palladium

82%

1) Please refer to non-IFRS measure (iii),above.

v. Net debt is calculated by subtracting cash and cash equivalents from the outstanding bank debt under the Revolving Facility. The Company presents net debt as management and certain investors use this information to evaluate the Company's liquidity and financial position.

The following table provides a calculation of the Company's net debt.

As at

December 31

As at

December 31

(US dollars in thousands)

2019

2018

Bank debt

874,000

Less: cash and cash equivalents

(103,986)

(75,767)

Net debt

770,514

1,188,233

These non-IFRS measures do not have any standardized meaning prescribed by IFRS,and other companies may calculate these measures differently. The presentation of these non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For more detailed information,please refer to Wheaton's MD&A available on the Company's website at www.wheatonpm.com and posted on SEDAR at www.sedar.com.

CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS

This press release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation concerning the business,operations and financial performance of Wheaton and,in some instances,the business,mining operations and performance of Wheaton's precious metals purchase agreement ("PMPA") counterparties. Forward-looking statements,which are all statements other than statements of historical fact,include,but are not limited to,statements with respect to the future price of commodities,the estimation of future production from Mining Operations (including in the estimation of production,mill throughput,grades,recoveries and exploration potential),the estimation of mineral reserves and mineral resources (including the estimation of reserve conversion rates) and the realization of such estimations,the commencement,timing and achievement of construction,expansion or improvement projects by Wheaton's PMPA counterparties at mineral stream interests owned by Wheaton (the "Mining Operations"),the ability of Wheaton's PMPA counterparties to comply with the terms of a PMPA (including as a result of the business,mining operations and performance of Wheaton's PMPA counterparties) and the potential impacts of such on Wheaton,the costs of future production,the estimation of produced but not yet delivered ounces,any statements as to future dividends,the ability to fund outstanding commitments and the ability to continue to acquire accretive PMPAs,future payments by the Company in accordance with PMPAs,including any acceleration of payments,projected increases to Wheaton's production and cash flow profile,projected changes to Wheaton's production mix,the ability of Wheaton's PMPA counterparties to comply with the terms of any other obligations under agreements with the Company,the ability to sell precious metals and cobalt production,confidence in the Company's business structure,the Company's assessment of taxes payable and the impact of the CRA Settlement for years subsequent to 2010,possible audits for taxation years subsequent to 2015,the Company's intention to file future tax returns in a manner consistent with the CRA Settlement,and assessments of the impact and resolution of various legal and tax matters,including but not limited to outstanding class actions and audits. Generally,these forward-looking statements can be identified by the use of forward-looking terminology such as "plans","expects" or "does not expect","is expected","budget","scheduled","estimates","forecasts","projects","intends","anticipates" or "does not anticipate",or "believes","potential",or variations of such words and phrases or statements that certain actions,events or results "may","could","would","might" or "will be taken","occur" or "be achieved". Forward-looking statements are subject to known and unknown risks,uncertainties and other factors that may cause the actual results,level of activity,performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking statements,including but not limited to risks associated with fluctuations in the price of commodities (including Wheaton's ability to sell its precious metals or cobalt production at acceptable prices or at all),the Mining Operations (including fluctuations in the price of the primary or other commodities mined at such operations,regulatory,political and other risks of the jurisdictions in which the Mining Operations are located,actual results of mining,risks associated with exploration,development,operating,expansion and improvementat the Mining Operations,environmental and economic risks of the Mining Operations,and changes in project parameters as plans continue to be refined),the absence of control over the Mining Operations and relying on the accuracy of the public disclosure and other information Wheaton receives from the Mining Operations,uncertainty in the estimation of production from Mining Operations,uncertainty in the accuracy of mineral reserve and mineral resource estimation,the ability of each party to satisfy their obligations in accordance with the terms of the PMPAs,the estimation of future production from Mining Operations,Wheaton's interpretation of,compliance with or application of,tax laws and regulations or accounting policies and rules being found to be incorrect,any challenge or reassessment by the CRA of the Company's tax filings being successful and the potential negative impact to the Company's previous and future tax filings,assessing the impact of the CRA Settlement for years subsequent to 2010 (including whether there will be any material change in the Company's facts or change in law or jurisprudence),credit and liquidity,indebtedness and guarantees,mine operator concentration,hedging,competition,claims and legal proceedings against Wheaton or the Mining Operations,security over underlying assets,governmental regulations,international operations of Wheaton and the Mining Operations,exploration,operations,expansions and improvements at the Mining Operations,environmental regulations,climate change and epidemics,Wheaton and the Mining Operations ability to obtain and maintain necessary licenses,permits,approvals and rulings,Wheaton and the Mining Operations ability to comply with applicable laws,regulations and permitting requirements,lack of suitable infrastructure and employees to support the Mining Operations,inability to replace and expand mineral reserves,including anticipated timing of the commencement of production by certain Mining Operations (including increases in production,estimated grades and recoveries),uncertainties of title and indigenous rights with respect to the Mining Operations,Wheaton and the Mining Operations ability to obtain adequate financing,the Mining Operations ability to complete permitting,construction,development and expansion,global financial conditions,and other risks discussed in the section entitled "Description of the Business – Risk Factors" in Wheaton's Annual Information Form available on SEDAR at www.sedar.com,and in Wheaton's Form 40-F for the year ended December 31,2018 and Form 6-K filed March 20,2019 both on file with the U.S. Securities and Exchange Commission in Washington,D.C. (the "Disclosure"). Forward-looking statements are based on assumptions management currently believes to be reasonable,including (without limitation): that there will be no material adverse change in the market price of commodities,that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public statementsand achieve their stated production estimates,that the mineral reserve and mineral resource estimates from Mining Operations (including reserve conversion rates) are accurate,that each party will satisfy their obligations in accordance with the PMPAs,that Wheaton will continue to be able to fund or obtain funding for outstanding commitments,that Wheaton will be able to source and obtain accretive PMPAs,that any outbreak or threat of an outbreak of a virus or other contagions or epidemic disease will be adequately responded to locally,nationally,regionally and internationally,that expectations regarding the resolution of legal and tax matters will be achieved (including ongoing class action litigation and CRA audits involving the Company),that Wheaton has properly considered the interpretation and application of Canadian tax law to its structure and operations,that Wheaton has filed its tax returns and paid applicable taxes in compliance with Canadian tax law,that Wheaton's application of the CRA Settlement for years subsequent to 2010 is accurate (including the Company's assessment that there will be no material change in the Company's facts or change in law or jurisprudence for years subsequent to 2010),and such other assumptions and factors as set out in the Disclosure. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized,there can be no assurance that they will have the expected consequences to,or effects on,Wheaton. Readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. The forward-looking statements included herein are for the purpose of providing readers with information to assist them in understanding Wheaton's expected financial and operational performance and may not be appropriate for other purposes. Any forward looking statement speaks only as of the date on which it is made,reflects Wheaton's management's current beliefs based on current information and will not be updated except in accordance with applicable securities laws. Although Wheaton has attempted to identify important factors that could cause actual results,performance or achievements to differ materially from those contained in forward‑looking statements,there may be other factors that cause results,performance or achievements not to be as anticipated,estimated or intended.

Cautionary Language Regarding Reserves And Resources

For further information on Mineral Reserves and Mineral Resources and on Wheaton more generally,readers should refer to Wheaton's Annual Information Form for the year ended December 31,2018 and other continuous disclosure documents filed by Wheaton since January 1,available on SEDAR at www.sedar.com. Wheaton's Mineral Reserves and Mineral Resources are subject to the qualifications and notes set forth therein. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.

Cautionary Note to United States Investors Concerning Estimates of Measured,Indicated and Inferred Resources:The information contained herein has been prepared in accordance with the requirements of the securities laws in effect in Canada,which differ from the requirements of United States securities laws. The terms "mineral reserve","proven mineral reserve" and "probable mineral reserve" are Canadian mining terms defined in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining,Metallurgy and Petroleum (the "CIM") – CIM Definition Standards on Mineral Resources and Mineral Reserves,adopted by the CIM Council,as amended (the "CIM Standards"). These definitions differ from the definitions in Industry Guide 7 ("SEC Industry Guide 7") under the U.S. Securities Act of 1933,as amended (the "U.S. Securities Act"). Under U.S. standards,mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Also,under SEC Industry Guide 7 standards,a "final" or "bankable" feasibility study is required to report reserves,the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. In addition,the terms "mineral resource","measured mineral resource","indicated mineral resource" and "inferred mineral resource" are defined in and required to be disclosed by NI 43-101; however,these terms are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. "Inferred mineral resources" have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules,estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies,except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however,the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures. Accordingly,information contained herein that describes Wheaton's mineral deposits may not be comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. United States investors are urged to consider closely the disclosure in Wheaton's Form 40-F,a copy of which may be obtained from Wheaton or from http://www.sec.gov/edgar.shtml.

In accordance with the Company's MD&A and financial statements,reference to the Company includes the Company's wholly owned subsidiaries.

For further information: Patrick Drouin,Senior Vice President,Investor Relations,Wheaton Precious Metals Corp.,Tel: 1-844-288-9878,Email: info@wheatonpm.com,Website: www.wheatonpm.com

Tags: Mining/Metals Precious Metals

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